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VOL. 126 | NO. 236 | Monday, December 05, 2011

Owner of Tunica Casino Emerges From Bankruptcy

AP

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JACKSON, Miss. (AP) – Majestic Star Casino, which owns Fitzgeralds Casino Hotel in Robinsonville, Miss., has emerged from Chapter 11 bankruptcy reorganization.

The Las Vegas company said Thursday that it had eliminated more than $500 million in debt. The company is now owned by former lenders, with Minnesota-based Wayzata Investment Partners the largest shareholder.

Fitzgeralds, one of nine casinos in Tunica County, had 666 employees at Sept. 30.

Majestic Star also owns two casinos with that name in Gary, Ind., and a Fitzgeralds casino in Black Hawk, Colo. The company filed for bankruptcy in November 2009, with debts of $771 million versus assets of $402 million, citing the recession and increased competition.

Another company recently gave Resorts and Bally's casinos in Tunica to lenders to save a casino in Atlantic City, N.J.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 21 43 3,838
BUILDING PERMITS 153 512 35,842
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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